The value of the tackifier market is estimated to be USD 4.3 billion in 2024. In 2023, the market value was USD 4.0 billion. The market is expected to grow at a CAGR of 5.5% over the forecast period from 2024 to 2034. By 2034, the market valuation is predicted to reach USD 7.3 billion.
Tackifier Market Analysis and Insights
| Attributes | Details |
|---|---|
| Tackifier Market Size in 2024 | USD 4.3 billion |
| Projected Market Value by 2034 | USD 7.3 billion |
| Value-based CAGR from 2024 to 2034 | 5.5% |
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The tackifier market was valued at USD 3.0 billion in 2019. The market progressed at a CAGR of 7.5% during the historical period from 2019 to 2023.
The growing needs of the construction industry were met by the rising supply of adhesives, boosting the tackifier market. Increased use of tackifiers in packaging and the rise of the packaging industry also benefited the market during the historical period. In 2023, the market value reached USD 4.0 billion.
| Market Value (2019) | USD 3.0 billion |
|---|---|
| Historical CAGR (2018 to 2022) | 7.5% |
| Historical Market Valuation (2022) | USD 4.0 billion |
Long-term Analysis of the Tackifier Market
The tackifier market is marked to be worth USD 4.3 billion in 2024. The market is projected to grow at a CAGR of 5.5% over the forecast period.
Over the forecast period, the use of adhesives, and in turn tackifiers, is expected to continue growing strong. To satisfy the differing needs of the ever-evolving construction industry, the demand for adhesives is increasing, propelling the market’s growth. In addition to the construction industry, tackifier-infused adhesives are also used in several industries, such as pharmaceutical and agriculture. Thus, there are growth prospects for tackifiers over the forecast period.
However, the progress of the market over the forecast period is predicted to be more restrained than the historical period. The growing adoption of tackifier-free adhesives is a major factor restraining market growth. By 2034, the market for tackifiers is expected to reach a valuation of USD 7.3 billion.
The tackifier market can be segregated into two segments: product and feedstock. By looking at the segments, the product higher in demand among tackifiers can be known.
| Attributes | Details |
|---|---|
| Top Product | Hydrocarbon Resins |
| CAGR (2024 to 2034) | 5.2% |
Tackifiers in the form of hydrocarbon resins are projected to show progress in the market. From 2024 to 2034, the CAGR for hydrocarbon resins is pegged at 5.2%.
Hydrocarbon resins have wide application in a number of industries, from bookbinding to vehicles. However, it is the use of the product as a tackifier in hot-melt adhesives that is prominent. As hot-melt adhesives grow in demand, the market for hydrocarbon resins is getting propelled.
| Attributes | Details |
|---|---|
| Top Feedstock | Synthetic Tackifiers |
| CAGR (2024 to 2034) | 5.0% |
Synthetic tackifiers lead the market by feedstock. Over the forecast period, synthetic tackifiers are expected to register a CAGR of 5.0%.
Synthetic tackifiers are considered the go-to feedstock product in the market. The product has earned the trust of end-users, and thus, there is continued demand for synthetic tackifiers. However, biobased/natural tackifiers are also growing in popularity. As sustainability concerns grow, biobased tackifiers have the potential to drive the market.
Asia Pacific is marked to have significant potential for market growth. The growing economies in the region are paving the way for the rise of the construction industry. Other industries that involve prominent use of tackifiers like automobile and packaging, are marked for progress in the region. Thus, the Asia Pacific tackifier market is rife with opportunities.
Europe is another significant region in the market. The proliferation of technology in the region, as well as the commitment to sustainability, is helping the market to grow in Europe.
| Countries | CAGR |
|---|---|
| United States | 5.8% |
| United Kingdom | 6.6% |
| China | 7.0% |
| South Korea | 7.2% |
| Japan | 6.7% |
South Korea is one of the most promising countries in the market for tackifiers. From 2024 to 2034, the CAGR for the market in South Korea is predicted to be 7.2%.
The construction industry is experiencing landmark developments in South Korea. The industrial value of construction contracts is also increasing, as put forward by the Korean Statistical Information Service (KOSIS). Thus, the use of tackifiers is expected to continue growing in South Korea.
China is not far behind South Korea when it comes to progress predicted for the market. For the forecast period, the CAGR for the market in China is predicted to be 7.0%.
In addition to rising usage, Chinese producers are also exporting tackifiers. Guangdong Komo Co. Ltd. is one example of a company that is engaged in exporting natural biobased tackifiers. Thus, the market is expected to rise in China.
Japan is another Asian country marked with potential for market growth. The market is expected to register a strong CAGR of 6.7% over the forecast period.
Japan is one of the premium destinations for automobiles. Both domestic consumption and export of vehicles take place in Japan through companies like Nissan and Toyota. Thus, tackifiers are increasing in demand in Japan.
The United Kingdom is one of the fastest-rising countries in the European market. The CAGR for the United Kingdom market is anticipated to be 6.6% over the forecast period.
Suppliers of tackifiers are taking the online route for market expansion in the United Kingdom. Besides traditional industrial end-users, suppliers are also targeting consumers by expounding on the sticky benefits of the product. Thus, there is an increased scope for the market in the United Kingdom.
While local companies are largely engaged in producing tackifiers in the United States, there is notable import of products in the country. Tackifiers are imported from countries like Japan and China in the United States. The market is expected to register a commendable CAGR of 5.8% over the forecast period.
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Several companies have established a stronghold in the tackifier market. However, there is still scope for new entrants as well as players on a smaller scale to thrive in the market.
As the industries that employ tackifiers through various forms seek out new locations, there is also a drive to expand the market geographically. Key players are also looking to reduce costs in manufacturing to further increase growth prospects in the tackifier market.
Recent Developments in the Tackifier Market
The tackifier market size is estimated to be USD 4.3 billion in 2024.
The tackifier market is projected to reach USD 7.3 billion by 2034.
The CAGR for the market in the United States is estimated to be 5.8% from 2024 to 2034.
Hydrocarbon resins, rosin resins, and terpene resins are examples of tackifiers.
The tackifier market is expected to grow at a CAGR of 5.5% over the forecast period.
| Market Value in 2023 | USD 12,276.7 million |
|---|---|
| Projected Industry Value in 2033 | USD 19,619.8 million |
| Value-based CAGR from 2023 to 2033 | 4.8% |
| Market Value (2023) | USD 5.1 billion |
|---|---|
| Market Projected Value (2033) | USD 12.1 billion |
| Market CAGR (2023 to 2033) | 9.0% |
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